Gov. Rick Snyder appointed an eight-member review team today, and also requested it report its findings within 30 days — half the time allowed under the emergency financial manager law, formally known as Public Act 4 of 2011.

Treasury spokesman Terry Stanton said Dillon's recommendation was based on his office's preliminary review, which found "probable financial stress."

"The sooner the better that this be conducted," Stanton said.

The "probable financial stress" finding was the result of several issues, including "recurring fund deficits, recurring cash shortfalls and a failure to follow approved Deficit Elimination Plans," according to a release from the treasury department.